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India's Viom Networks Seeking to Raise $350 Million from Investors

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Indian tower operator, Viom Networks is again said to be looking to raise around USD350 million through a stock market listing, or a trade sale of a stake in the company.

Talk of some sort of deal to raise funds by the company have been around for at least a couple of years though.

Citing sources familiar with the matter, the Economic Times reported that Malaysia's Axiata Group USA based American Tower and a couple of private equity firms are among the possible bidders.

Both Axiata and American Tower already have sizeable subsidiary companies operating in India.

The loss marking company has finally turned in a profit after a major cost-cutting programme aimed at slashing the cost of setting up new towers.

Just last month, a listing was being talked about in London or Singapore, but was thought to be at least six months away.

Plans for an IPO on the stock market were cancelled in 2011, reportedly by Tata. Viom is managed by SREI group, but the Tata group holds 54% of the equity.

Viom Networks operates around 42,000 towers and more than 95,000 tenancies. It was formed in January 2009 from the merger of the tower networks owned by Wireless Tata Telecom Infrastructure (WTTI) and Srei group's Quippo Telecom Infrastructure (QTIL).

On the web: Economic Times

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Tags: viom networks  India